Hargray to Acquire Charter S.C. System4/10/2012 1:27 PM Eastern
Hargray Communications, a small market cable operator based in Hilton Head Island, S.C., said it has reached an agreement to purchase Charter Communications' Beaufort, S.C. system for an undisclosed sum.
The Beaufort system has about 7,000 customers. The deal is expected to close by June 30.
Hargray, owned by New York investment banker The Quadrangle Group, already operates systems in Jasper and Hampton counties in South Carolina and in Chatham County in Georgia.
RBC Capital Markets served as the exclusive financial adviser to Charter in the transaction.
"Acquiring Charter's system in Beaufort will enable us to efficiently expand our footprint and bring our full suite of advanced services to areas in Beaufort we have heretofore been unable to serve," said Hargray chairman and CEO Michael Gottdenker in a statement. "Combined with our recent fiber investments in downtown Savannah, this transaction will generate meaningful revenue and earnings growth well into the future."